I called USBank just now to inquire about their Secured Visa. They said as long as bankruptcy was discharged I can apply for one, I'm going to start with $300 deposit for a $300 credit limit. USBank will report this as "Secured" on our credit files and they'll also review my secured visa 12 months later for unsecured visa. $35.00 annual fee, no application fee... 10% to 19% variable APR which is fine because we're starting with low credit line. Is this good? Once I get this card... what do you suggest I use? should I charge it for gas and small food shopping and should I pay off each month? any advices are welcomed in order to re-established my credit history and my goal is to get a mortgage in about 2 years! TIA! Tom
I highly doubt USBank would give you the deposit back within probably 7-10 years since the BK. They will not say that directly because you probably would not take the offer in the first place. USBank is not BK friendly on unsecured debt. I would try American Pacific Bank and Orchard before them. The same annual fee and they report as unsecured. At worst American Pacific Bank will give 50% on deposit after 18 months at $2000 Max.
